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FinanceBrain is an AI-driven tool offering instant solutions for finance and accounting queries, available 24/7.

How FinanceBrain can help you:

Provides instant responses to finance and accounting-related questions.
Operates 24/7, ensuring help is always at hand.
Offers initial users 3 free questions, making it easy to try the service without financial commitment.

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User-friendly chatbot interface for easy interaction.
Quick and accurate answers to complex finance and accounting questions.
No credit card required for initial use, ensuring risk-free trial.

Who should choose FinanceBrain:

Students studying finance or accounting in need of quick clarification.
Professionals seeking instant insights for finance-related queries.
Individuals managing personal finances looking for real-time assistance.

About FinanceBrain

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March 2024

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Mool launches latest AI-powered Financial Advisor, Enhances Financial Management

With the launch of its AI-powered financial advisor, Mool redefines the future of personalised financial guidance and optimised wealth management. Mool, a financial technology company, has recently launched its AI-powered financial advisor subscription service to transform the dynamics of smart investing. Leveraging the power of Gen AI capabilities and simplifying interface, the Mool's affordable app embedded with an extensive array of features is designed to streamline and enhance financial management. Fintech companies are striving to catalyse innovation in the field of investing, as the recent KPMG survey statistics state that 84% of financial service leaders have already adopted AI within their organisation. Against this backdrop, Mool strives to leverage technology as an asset to empower individuals to achieve their financial goals, whilst helping them effectively navigate complex financial landscapes. Mool's AI-powered financial advisor, Birbal, pays homage to the wise and witty minister Birbal, whilst providing personalised financial advice to user's, helping them make smart decisions about career, wealth, and life. From managing daily finances, offering informed recommendations, and mitigating risks to future planning, Birbal delivers expert guidance tailored to every user's unique needs to ensure financial stability. Elated about the company's recent milestone, Abhinav Nayar, Founder & CEO of Mool commented, "We are thrilled to launch a ground-breaking tool designed to make investing simple and intelligent. At Mool, we truly believe that everyone deserves a simple and accessible way to manage their finances and this launch is a testament to our belief. In addition, AI's increasing potential to facilitate smart investing has provided us the opportunity to lead the development of an AI-backed investment ecosystem." Emphasizing easy expense tracking, Mool consolidates its user's bank accounts, thereby making it simple to track spending and understand financial habits. This holistic view of finances enables them to make better decisions and stay on top of their budget. Additionally, the platform also provides access to expert research on India's fastest-growing companies, delivering the specialised knowledge required to make informed investment decisions. Offering zero-commission investing, the AI-driven investment app allows individuals to directly invest in expertly curated portfolios without the burden of fees. This fee-free investing approach helps individuals grow their money more effectively while ensuring they get the most out of their investments. To cater to diverse individuals, including young professionals, newlywed couples, families with young children and older couples in retirement, Mool offers flexible, cancelable, and affordable subscription plans. Emerging as an indispensable asset for In financial management, AI in the BFSI sector is poised to touch $100 billion by 2032, positioning Mool at the forefront of this growth. With plans designed to To meet every individual's specific investment needs, the company is actively working towards delivering robust financial support that is adaptable to changing life circumstances.

CXOToday.com

Mon, 29 Jul, 10:04 AM UTC

The rise of AI in accounting: Automation driving efficiency worldwide

Paid parking in Dubai: Residents face up to Dh4,000 extra yearly costs when new rates kick in The competitive digitized business ecosystem has witnessed the integration of AI in finance and accounting processes. At a time when speed defines success, top accounting firms are leveraging the power of AI. Froward-thinking businesses rightly outsource their accounting processes to established firms that deploy AI to streamline processes. This shift toward real-time finance is more than a technological advancement. It's a strategic move for businesses striving to remain competitive in the crowded market. A transition from traditional finance to AI-enabled real-time operations Automating accounting systems using AI has turned out to be a game-changer in the industry. AI is capable of automating routine financial tasks. This provides businesses with access to real-time data, facilitating faster and more informed decision-making. AI is redefining finance by enhancing speed, accuracy, and scalability. The strategic advantages of AI-driven real-time finance Instant Data Analysis: One of the most powerful features of AI is its ability to process and analyze vast amounts of data in real time. Thus, businesses can monitor their cash flow, track expenses, and forecast financial performance instantly. Real-time insights, backed by AI, are crucial for maintaining a competitive edge. Real-Time Financial Reporting: AI-driven systems can generate updated financial reports. This provides immediate insights into the financial health of a company. It marks a significant improvement over traditional models of outsourcing, where financial reports were often delayed. Businesses can make critical decisions with real-time reporting, having access to the latest data. This helps them remain agile and responsive. AI Tools in Power BI (or) Tableau automatically compile and analyze financial data, creating real-time dashboards and reports. This helps accountants monitor financial performance on the go. And provide clients on management with up-to-date insights. Detecting Fraud in T&E Reports: One of the notable use cases where generative AI is being used in accounting is the auditing of Travel and Expense (T&E) reports. Thanks to the automated systems backed by AI, it is easy to detect potential fraud and inconsistencies that go beyond out-of-policy expenses. This translates to a significant amount of savings for accounting firms. AI also evaluates data related to consumption and average pricing in restaurants. In the process, it detects discrepancies and anomalies that may be included in reporting expenses in the T&E system. The smart process significantly reduces the dependency on manual review processes and pacifies the financial processes as accounting firms can quickly address potential issues. How accounting firms use AI to automate functions and boost productivity? Besides transforming internal financial operations, AI is also reshaping the way accounting firms operate. Successful outsourced accounting service providers have been proactive in adopting AI-driven tools. Thus, they automate key functions to enhance productivity and efficiency. Advanced AI applications are capable of handling tasks like tax preparation, bookkeeping, and financial auditing with remarkable speed and accuracy. This significantly reduces the workload on human accountants, besides minimizing the margin of errors. Automation of Routine Accounting Tasks: AI algorithms are now capable of managing routine tasks. These include data entry, invoice processing, and expense tracking. As a result, accountants can free up their crucial hours and focus on more strategic activities like advising clients on financial planning and business growth strategies. Piyush Bhandari is Managing Partner at IMC Group

Khaleej Times

Mon, 23 Sept, 6:01 PM UTC

How to Use the Latest AI Tools for Your Financial Wellness in 2025

Enter your email to get Benzinga's ultimate morning update: The PreMarket Activity Newsletter SAN FRANCISCO, Jan. 30, 2025 /PRNewswire/ -- TomoCredit, the financial wellness platform that helps immigrants and underserved groups get access to essential credit, released today these practical tips on how to use the latest AI technology to protect your personal finances. TomoCredit Founder and CEO Kristy Kim said about the state of AI for personal finance, "While a lot of people are scared about how AI will affect their personal finances and data security, our team really wanted to point out that in this exciting era of artificial intelligence (AI), managing personal finances has become smarter, faster, and more secure." With financial scams, identity theft, and data breaches on the rise, leveraging AI-driven tools can provide an extra layer of protection while helping you stay on top of your financial goals. Not only does AI safeguard your financial data but also empowers you to make more informed and strategic decisions to help you get ahead. Here are some tips on leveraging modern AI tools to improve and protect your personal finances: AI tools continuously analyze your spending patterns to detect unusual activities. Services like machine learning-based fraud alerts can instantly flag suspicious transactions, enabling you to take swift action before significant damage occurs. Many banks and credit card companies now use AI algorithms to monitor real-time transactions, detecting and blocking fraudulent charges proactively. Choosing financial institutions that implement these advanced fraud detection systems is a critical step toward securing your accounts. TomoCredit harnesses AI to provide credit access to individuals without traditional credit scores. By analyzing alternative data -- such as income, spending behaviors, and banking activities -- Tomo offers a credit solution that helps users build their credit responsibly. This innovative approach removes barriers to credit access, empowering users to participate in the financial system and work toward financial independence. With Tomo, users can build credit while maintaining financial discipline, supported by intelligent spending limits and real-time account monitoring. With the power of AI, Tomo enables everyone to participate in the American economy. Apps like Mint and YNAB (You Need A Budget) use AI to analyze your income, recurring expenses, and spending habits, helping to create a dynamic and realistic budget. AI categorizes your expenses with precision, providing actionable insights into spending trends. This can help you identify wasteful spending, manage debt, and set achievable savings goals. Personalized alerts for overspending or upcoming bills can keep you accountable and help you avoid costly late fees and penalties. AI-driven budgeting tools also adapt to financial changes, making it easier to stay on track even when your income fluctuates. Robo-advisors like Betterment and Wealthfront use AI algorithms to create and manage personalized investment portfolios based on your risk tolerance and long-term financial goals. These AI tools automatically adjust asset allocations, rebalance portfolios, and optimize tax strategies -- all with minimal fees. This hands-off approach to investing allows beginners and experienced investors alike to grow their wealth efficiently. AI can also forecast market trends and simulate different investment scenarios, providing tailored recommendations for maximizing returns. By integrating cutting-edge AI tools into your financial routine, you can protect yourself from fraud, streamline budgeting, and make smarter investment decisions -- ultimately securing your financial future and opening doors to greater economic participation. About TomoCredit Founded in 2019 by Kristy Kim, TomoCredit is a champion for financial inclusion. TomoCredit is transforming the credit industry, offering solutions to establish a robust credit history for those considered "credit invisible" - including new U.S. citizens without prior credit history, small and medium-sized business owners, students, and other young adults who demonstrate sound financial practices. Media Contact Jenny Beres press@tomocredit.com 941-993-7222 View original content to download multimedia:https://www.prnewswire.com/news-releases/how-to-use-the-latest-ai-tools-for-your-financial-wellness-in-2025-302364051.html SOURCE TomoCredit Market News and Data brought to you by Benzinga APIs

Benzinga

Fri, 31 Jan, 3:49 AM UTC

AI Chatbots in Fintech: Trusting Machines With Our Financial Lives

Enter your email to get Benzinga's ultimate morning update: The PreMarket Activity Newsletter Technology has changed the way people interact with financial services. A significant shift has been the rise of AI chatbots in fintech. Banks, payment processors, and investment firms are integrating chatbots to provide real-time support, automate transactions, and even offer financial advice. While this innovation has benefits, the big question remains: can people truly trust machines with their financial well-being? The Role of AI Chatbots in Fintech Financial institutions are under pressure to provide quick and efficient services. Traditional customer service models involving human representatives are costly and limited by working hours. AI chatbots solve this issue by offering 24/7 support, reducing response times, and improving efficiency. These chatbots can: Assist with banking transactions, such as balance inquiries and fund transfers. Provide fraud alerts and security recommendations. Offer personalized budgeting advice based on spending patterns. Guide users through loan applications or investment options. A report based on artificial intelligence statistics indicates that 80% of financial institutions are either exploring or implementing AI-driven customer service tools, highlighting the rapid adoption of chatbots in fintech. Given the widespread adoption, it is important to evaluate whether chatbots are reliable enough to handle sensitive financial matters. The Appeal of AI Chatbots in Fintech AI chatbots bring several advantages to financial services. Their ability to process data instantly allows them to offer fast and accurate solutions. Here are a few reasons why financial institutions are rapidly adopting them: 1. Convenience and Availability Customers no longer need to wait in long queues or be put on hold for extended periods. AI chatbots operate round the clock, ensuring users receive immediate responses regardless of time zones. 2. Cost Savings for Financial Institutions Hiring and training human representatives is expensive. AI chatbots reduce customer service costs by handling routine inquiries, allowing banks to allocate human agents to more complex cases. 3. Personalized User Experience By analyzing transaction history, chatbots provide personalized financial recommendations. They can suggest savings plans, alert users about unusual spending patterns, or remind them of bill payments. 4. Fraud Detection and Security Alerts Chatbots can monitor transactions in real time and flag suspicious activity. If an unusual transaction is detected, users are alerted immediately, helping prevent fraud. The Concerns: Can We Trust AI Chatbots? Despite their benefits, many people remain skeptical about relying on chatbots for financial decisions. Trust is critical in the financial industry, and several concerns arise when machines replace human advisors. 1. Lack of Human Judgment One major drawback is that chatbots operate based on predefined algorithms. While they can process large amounts of data, they lack human intuition. A chatbot might not understand the emotional aspects of a financial decision, such as when a customer is experiencing financial hardship and needs flexibility. 2. Security Risks and Data Privacy Handling financial data requires strong security measures. While most financial institutions implement encryption and authentication protocols, chatbots remain vulnerable to cyberattacks. A 2022 study by IBM found that the average cost of a data breach in the financial sector was $5.97 million, highlighting the risks of handling sensitive financial data through digital systems. 3. Errors and Miscommunication AI chatbots can make mistakes, especially when handling complex queries. Unlike human agents, chatbots may misinterpret a request, leading to incorrect advice or transaction errors. In cases where customers need immediate financial assistance, a chatbot's failure to understand the urgency could lead to frustration or even financial loss. 4. Trust Issues Among Users According to a survey by Accenture, 67% of banking customers prefer interacting with a human agent for complex transactions. Many customers feel more confident when they receive financial guidance from a human representative rather than a chatbot. Striking a Balance: AI Chatbots and Human Oversight Given the limitations of AI chatbots, financial institutions need to find a balance between automation and human intervention. Some strategies to build trust include: 1. Hybrid Customer Support Models Instead of replacing human representatives entirely, banks can use AI chatbots for routine tasks while ensuring human agents are available for complex issues. This hybrid model improves efficiency while maintaining customer trust. 2. Transparency in AI Decision-Making Users should be informed when they are interacting with a chatbot instead of a human. Additionally, chatbots should clearly explain how financial recommendations are made to avoid confusion. 3. Robust Security Measures To protect customer data, institutions must use strong encryption, multi-factor authentication, and regular security audits. This ensures sensitive information remains safe from cyber threats. 4. Continuous Learning and Improvement AI chatbots must be continuously updated and trained to understand new financial regulations, emerging fraud patterns, and customer preferences. Regular improvements will help reduce errors and improve accuracy. Are AI Chatbots the Future of Fintech? The adoption of AI chatbots in fintech will only grow as technology improves. Chatbots already handle billions of transactions and customer interactions annually. Gartner predicts that in 2025, over 85% of customer service interactions in banking will be handled by AI-driven systems. While AI chatbots provide efficiency and cost benefits, complete trust in them will depend on how financial institutions address concerns related to accuracy, security, and user confidence. The future of AI chatbots in fintech is promising, but they should complement human expertise rather than replace it entirely. Financial decisions are highly personal and require careful consideration. For now, while chatbots are excellent assistants in fintech, human involvement remains essential for complex financial matters. As AI continues to evolve, the ultimate challenge will be striking the right balance between automation and the human touch. Market News and Data brought to you by Benzinga APIs

Benzinga

Thu, 6 Feb, 7:01 PM UTC

How AI is Changing Personal Finance for Millennials: By Yuval Shuminer

Money anxiety defines Millennials as much as brunch plans and meme culture. 59% of this generation, now in their late twenties to early forties, has postponed major life milestones due to financial stress. They've been knocked down by back-to-back economic crises, from the Great Recession to today's no-win money maze of soaring costs, stagnant wages, and relentless financial fine print. Credit card usage to cover daily expenses has risen, and fees have soared by 78% in just two years. And yet, traditional advice still serves up the same tired clichés: "skip the lattes," "all debt is bad," "get a second job." In a world where AI can write poetry and predict your next binge-watch, why is personal finance advice stuck in the past? Old money rules and one-size-fits-all mantras don't work in a world that changes overnight. Millennials are weathering the perfect storm of stagnant wages, skyrocketing home prices, and the burdens of student debt. And all the while, AI is reshaping our workplaces, relationships, and free time: not to mention the global economy. Deepseek's surprise entry into the AI market recently sent Big Tech stocks tumbling, wiping billions off valuations and leaving countless investors, including Millennials with 401(k)s, reeling from unexpected losses. When technology is both disrupting and providing solutions in real time, why is personal finance advice playing catch-up? AI in personal finance is massively underutilized, leaving Millennials to navigate an economic minefield without the best tools available. AI-powered tools can identify hidden fees, suggest smarter debt repayment strategies, and adapt recommendations based on economic shifts. Millennials need the personalized, jargon-free, proactive solutions that AI has to offer. This generation needs guidance that cuts through complexity and speaks to their unique struggles. Personalization is the missing link - and AI the tool to create the link. Millennials are increasingly relying on AI-powered platforms to uncover savings, optimize spending, and make smarter financial decisions. My company Piere, for example, can tell you which savings account is best for you, whether you should switch checking accounts or let you know when you might be spending a bit too much on entertainment. Traditional financial advisors often come with high fees, making them inaccessible to those who need advice the most. As many consumers begin navigating the uncharted territory of AI, everyone is searching for the most ethical and efficient ways to harness its potential. Piere recently partnered with the National Foundation for Credit Counseling (NFCC), which exemplifies exactly how AI can be used, democratizing access to critical financial support for underserved communities. By offering affordable tools that deliver quality advice to anyone with a smartphone, AI has the power to reduce debt and provide meaningful financial guidance to those who need it most. What's more, those traditional advisors are often rooted in the jargon-heavy world of personal finance. AI can bridge this gap, translating confusing financial terms into plain language and empowering users to make informed decisions about budgeting, saving, and investing. If you want to appeal to Millennials, you must understand that they demand clarity. They want to understand how financial systems work and make empowered decisions based on clear, actionable information. While AI can be a game-changer in this context, there can also be risks. The rise of generative AI has led many to turn to AI chatbots for financial advice, without realizing the limitations of this technology. A CFP board survey found that 69% of investors would not feel comfortable implementing financial planning advice from a generative AI-powered tool without verifying it with another source. Open-source gives you a general picture of what everyone is doing, rather than selecting the right options for you specifically. So for those delving into AI, it's about choosing the right tools to make strategic financial moves.

Finextra Research

Thu, 13 Feb, 4:37 PM UTC

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